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Bitcoin has finally regained the long-awaited $100K mark after days of consolidation and continued negative sentiment. The psychological milestone was a key resistance level, with many investors and analysts closely monitoring BTC’s price action for clues about its next big move. The recent breakout above $100K shows renewed market optimism, however the question remains: can Bitcoin maintain its momentum?
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Senior analyst Carl Runefelt shared a detailed technical analysis on X, highlighting an important pattern forming in Bitcoin for the 1 hour. According to Runefelt, Bitcoin is currently forming an equilateral triangle, a classic chart pattern that often precedes significant price movements. The pattern suggests that Bitcoin is in for a major breakout or breakdown, in the next few days—or even hours—that could shape its short-term path.
This pivotal moment for Bitcoin comes as the broader crypto market is gaining renewed momentum following the end of last year’s lull. Investors are optimistic but cautious, as technical setups may indicate a sustained rally or a temporary reversal. With BTC back to six-figure territory, the stage is set for a critical period that could define the first quarter of 2025.
Bitcoin Breaks Above $100K But Faces Risks
Bitcoin has risen to $102,700 with incredible strength, fueling hopes for a very positive year ahead. Investors are keeping a close eye on the market leader, which continues to show strength after regaining the $100K mark. However, BTC is not without risks; any loss from current levels could cause a significant reversal, shaking confidence in the ongoing rally.
Senior analyst Carl Runefelt recently shared a detailed technical analysis on X, highlighting Bitcoin’s equilateral triangle formation in the hourly timeframe. This classic chart pattern often precedes a sharp breakout or breakout, indicating high market activity. Runefelt emphasized that the next move is possible as the price consolidates firmly inside the triangle.
Runefelt has revealed key price targets for traders to watch. A close below the $100K mark will act as a bearish signal, possibly reversing the bullish formation that has been formed in recent weeks. On the other hand, an exit above $103K will confirm bullish momentum and set the stage for a continuation of the rally.
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The next few days will be critical for Bitcoin as the market remains in a state of indecisiveness. While optimism surrounds the possibility of a stable bull cycle, the potential for volatile growth underscores the need for caution in this critical period.
Checking Fresh Liquidity
Bitcoin is trading at $101,400 after a key 4-hour break above the $100K milestone, sparking renewed optimism among investors. This clean breakout pushed BTC to new liquidity above the $100K psychological level, a sign of strength as the market leader tries to maintain bullish momentum.
However, the war is far from over. While Bitcoin price action remains promising, bulls need to push the price to assert full control. The next major hurdle lies at $103,600, a key resistance level that, if broken, could pave the way for a major rally. A strong move above this mark will confirm Bitcoin’s formation and likely attract more buyers, driving the price even higher.
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On the other hand, failure to hold more than $100K can result in a consolidation phase. This situation could keep BTC tied to the range, frustrating traders and delaying the much-anticipated exit investors have been waiting for.
Featured image from Dall-E, chart from TradingView